You are working on a new product to bring to the market, slightly different from typical competitor products. You feel tremendous pressure because there is so much work to be done you need a clear direction on how to proceed. You have invested so much in this project … but you need to know if it will successfully make you sleep at night. Luckily you ended up on this page. With my help, you’ll learn the secret formula for launching a successful product. I’ll give you a proven method and plan of action to launch your project on time without making costly mistakes that could derail your plans.
In this article, you will discover how to build a winning product and launch it in a highly competitive environment. You will understand how to communicate to potential buyers what they will gain by purchasing your service and how it will improve their lives. And this will allow you to build the trust of potential customers so that they feel comfortable buying from you and come back to do so again and again, as well as spreading your brand with friends and acquaintances. Are you ready? Let’s start!
The Problem Most Underestimated By Those Who Want To Launch A New Product
A widespread mistake affects virtually everyone who wants to start a startup, market a new product on the market, or create a business from scratch. I am very familiar with this error for two reasons:
- because I fell for it myself in the past, on several of my businesses
- because I have many clients who made the same mistake before meeting me.
What am I talking about? Of the phenomenon of falling in love with the idea. What is it about? The belief that your business or commercial idea is a brilliant idea, that many people will like it, and therefore it will undoubtedly be a great success. Now… passion and creativity are two fundamental things which are so much needed in this country… but equally important aspects such as analysis, objective data and a market-oriented approach cannot be overlooked.
Launching A New Product On The Market Must Be Based On Marketing
But unfortunately, this only happens in Italy. And so the founders of the company begin to invest an enormous amount of energy, money, time, resources, people, hopes and sleepless nights in the design and development of the holy grail of all startups: the perfect product. After months and years of work, I finally got ready to launch the product on the market And here the fears begin.
- What if you don’t like it?
- What if we fail to sell?
- What if we can’t pay the debts?
- Investors, who hear them?
- If it doesn’t work, I’ve invested so much… What should I do?
The problem is that performing operations of this type is like deciding whether you want to go around the world without a map And 90% of startups fail. Fortunately, there is a way to understand what the chances of success of a commercial or entrepreneurial venture are. And above all, there is a way to minimize the effort required to launch a successful product.
It is simply a question of falling out of love with your business idea, looking at it with the most critical eyes possible and carefully following what I am about to tell you. By the way, I know that launching a product is only a small part of building a thriving and efficient business. Check out the others in my FREE RESOURCES
Validation Of A New Product Before Its Market Launch
What is the main objective of those who place a new product or project on the market? Have an effect that makes people happy?
The correct answer is: to have a product that people in your market are willing to pay for. The difference is crucial and makes the difference between the success and failure of a business idea. When starting your project, it is crucial to promote a product or service that people are willing to pay for. This requires, first of all, a market analysis done quickly. And then it also requires a process called “business idea validation”, which consists of understanding the following:
- if your market needs your product
- What are the minimum indispensable functions that will allow you to make the first revenues?
In fact, without money, you won’t be able to develop a product “that makes people happy” and improve it, you won’t be able to pay consultants and employees, and you won’t be able to carry out the marketing necessary to be successful.
The Validation Process Of A New Product: MVP
The product idea validation process involves proceeding through simple and sequential tests based on the MVP (Minimum Viable Product) idea. An MVP is basically
- A version of the product with the minimum possible functionality
- such as allowing the development team to collect the maximum number of feedback from customers
- with minimal effort.
In other words: a prototype and nothing more. Your initial product must be incomplete. And a good rule of thumb says, “if you are not ashamed of the product at least a little while you put it on the market, it is too late.” It seems a contradiction, but you need to understand three fundamental concepts fully:
- you cannot market a “perfect” product
- simply because you will never know what “perfect” means
- until many people have bought it, tested it, and asked you to improve it.
The following image should give a reasonably explanatory graphic indication of what must and must not be done to develop a new product. You can think of this process like the layers of an onion:
- First, you develop the CORE functionalities, the minimum indispensable ones, without which the product does not exist
- Then you have your first product launch, with little effort and little publicity.
- See what happens and what kind of reactions come from the market.
- Based on the feedback, you start developing the outer layers.
But before doing this, stop for a second… there are other things you can do, even before the first day of work…
strategic sessions of fundamental importance which can save you a lot of money and energy Several possible variations of market tests depend on your product’s complexity and the market sector in which you operate. But they all have one goal: to understand if the business idea solves a problem that people are willing to pay to solve.
Four Great Reasons To Test Your Product Before You Even Create It
Reason 1: Get Answers Before You Work
Imagine that after creating buyer personas and doing an in-depth analysis of the competition, you create a product with ten characteristics that you consider essential for your potential customers. And then imagine that when you put it up for sale, your customers are willing to pay for only 2 of the ten features. It would mean wasting a lot of time and resources developing something with no market value. Terrible. Probably Fatal in today’s market. That’s precisely what the MVP is for: finding your customers’ needs before committing the resources necessary to produce them.
Reason 2: You Save Precious Resources
Creating a new product requires tremendous effort, and you should only work hard once you are sure your business idea is sound. Building an MVP allows you to validate the product before tackling all the problems and expenses typical of a startup. In particular, it will enable you to avoid spectacular failures that could seriously undermine your self-esteem and your ability to make the business materialize.
Reason 3: You Get To Know Your Audience
Defining your audience is of paramount importance when building your online business. Your audience is the backbone of your marketing strategy, and you need to fully understand their problems and needs so that you can sell them anything.
- The first step is to create very solid buyer personas.
- The second is creating a Brand from scratch that speaks correctly and has appeal.
- But the third is to do a market test.
Building an MVP lets you get critical feedback immediately and create a marketing strategy suited to your potential customer.
Reason 4: You Find Your First Customers
Ideally, your MVP will be bought by a few initial customers. These customers who show an early interest in what you offer are considered your “early adopters” and can become a tremendous asset as your online business grows and can “scale” in size. Visionaries, pioneers and experimenters, these first customers are defined by Seth Godin, one of the world’s leading marketing experts, as “the sneezers”. That is, those who, as in the flu, are the first to spread the news to their friends, creating the ground for the growth and diffusion of your brand among the broader public than ordinary people.
Example Of New Product Launch (With Market Test)
Okay, I convinced you to test your business idea before launching your brand… but how can you test your MVP in practice? You can use several possibilities to test your product before you start working on it.
Possibility 1: Create A Landing Page
Landing pages are pages you put online with little effort and allow you to test your business idea straightforwardly and effectively. You can see some of them in this lead-generation article. Here, as an example of a product launch, you can create a one-page website that describes the characteristics of your product and on which you send traffic to target (people potentially interested in the effects of your niche market)
- Enter your best copywriting (persuasive writing technique) describing the main benefits of your product.
- Insert a call to action, a button or a link that lead the potential customer to leave their email contact or to pre-order the product
- Share the Landing page on industry forums, communities and social media. Possibly consider investing a few tens of € in Google AdWords. The goal is to make at least a couple of “virtual” sales (the product may not be ready yet) or to collect at least twenty email contacts.
If you succeed, it is not said that, in the end, the online business will be successful. If you fail, it will surely be a failure…
Possibility 2: Talk To People
Talking to people is a fantastic way to validate your product idea, and it also forces you to articulate your sales message to someone who thinks differently than you. Here is a great test that you can do very quickly. Go to a busy coffee shop in your city with your laptop and ask strangers to give you advice on your product in exchange for a free coffee. Here are some questions to ask:
- What do you think of this product?
- What is the first reaction you thought?
- Do you think it solves the problem described? If it doesn’t, how could the problem be solved?
- Would you pay to fix this problem with this solution? If not, what would have to change for you to reconsider?
It seems absurd, and yet it is a test used even by Google. These interviews can be a gold mine of otherwise unattainable advice and perspectives. Especially if some of the subjects you interview are part of your possible audience. But don’t worry about who the people you interview might be. Stop them at random! Just talk to everyone and anyone, and while you’re at it, start building an email list asking for the contact person you interviewed. Then please . offer the coffee!
Possibility 3: Take Surveys
Surveys are potent tools to create a product with a perfect chance of successfully launching.
Try following this process:
- Identify a place frequented by your potential customers (if you have done a good market analysis, you will certainly know where to find them)
- Prepare a survey with Google Forms.
- Use these questions:
- What is your main problem with [the problem your product solves]?
- Segmentation questions (man or woman? Do you already have a business or not? entrepreneur or freelancer? etc.),
- Questions about past purchases (what other attempts have you made to overcome your difficulties? what disappointed you about the products you had previously purchased to solve this problem?),
- Questions about goals (what goals have you set for yourself? The plan is in the future, but it is defined in the past).
- Submit the survey in the places you have identified
If you’ve never taken a survey, you may not understand how powerful it can be. Usually, when I do surveys before launching a product for one of my businesses (or for one of my clients), I always get shocking things. In other words, even when I know the market in which I am about to operate, I still get essential and unexpected information from the surveys. When you’ve gathered a lot of information, add one last question:
- Are you willing to pay for a product that solves PROBLEM X? How many?
I assure you that these methods work and will allow you to launch your product on the market successfully. Or at least they will save you from crashing after years of work… After all, it is better to know immediately if what you are about to invest in makes sense.
Don’t You Think So?
Always remember the MVP philosophy. Before you seriously invest in your product, do some testing. If you adopt this philosophy, you will avoid painful failures and guarantee the best chance of having a product launch with all the trimmings.